Hanoi (VNA)𒈔 – The PetroVietnam Exploration Production Corporation (PVEP) – a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam) - is targeting to exploit 1.8 million tonnes of oil equivalent in the second half of this year, the corporation has announced.

In the first half of this year, the corporation exploited 1.84 million tonnes, exceeding 14% of the planned target set by PetroVietnam and meeting that in the 2023 management plan.

Specifically, oil and condensate output in the first six months reached 1.23 million tonnes, 10% higher than the plan assigned by PetroVietnam.
꧒ Its gas sales in the first six months reached 613 million cubic metres, 24% higher than the 6-month target approved by PetroVietnam. It was a result of the measures it took to optimise the management and mining, maintain the maximum flow of wells within the safe threshold; optimally exploit wells to help maintain a stable flow higher than expected; as well as early open some wells, and start to exploit new wells.

The topping of the exploitation output target in the first half of this year helped the PVEP get a total revenue of 19.263 trillion VND (814.5 million USD), contributing 8.127 trillion VND to the State’s budget.  Among the measures to realise the target set for the second half of this year, the PVEP will focus on oil exploration and exploitation,  and accelerating mine development in key projects. It will require parties involved to have detailed plans on disease control, construction preparation, and drilling construction. To promote long-term and strategic investment projects, the PVEP will focus on assessing investment portfolio, and preparing investment strategies and directions for each specific project in line with the Petroleum Law 2022 that started taking effect on July 1, 2023.  For financial solutions, it will arrange capital for key projects to take advantage of the good capital market along with optimising existing credit contracts, and balancing the mobilisation of capital with different maturities./.